Masternodes/POS the future of mining? - page 6.

Mike011

full member

Activity: 312

Merit: 104

Quote from: jmigdlc99 on September 08, 2018, 08:49:54 AM

Quote from: Mike011 on September 08, 2018, 05:44:05 AM

POS is the same thing as if you would put your money in the bank and leave it there for an interest. So it has nothing to do with "mining". FYI

Well not really unless you are doing POS with a third party service. Real POS involves having a dedicated computer/server turned on 24/7 to also validate any transactions that are sent your way. So technically, yes, it is still mining, mining transactions at the cost of "staking" your coins in case you try and do anything something malicious.

POS could be the future, but until real coins like ETH implement it, i wouldn't decide anything yet.

No it is not. Your "mining" is actually supporting the network for free. And just like the bank, your share(interest) depends on the size of your stake. But, unlike the bank, the amount of risk is ridiculous.

Galley

member

Activity: 1274

Merit: 14

I like Masternodes. Not so long ago, I was already thinking about a possible acquisition. However, the main disadvantage of this issue is the inability to be sure of the reliability of the project. After all, to lose a lot of money, I have no desire. Although this topic is very interesting to me.

jmigdlc99

sr. member

Activity: 784

Merit: 282

Quote from: Mike011 on September 08, 2018, 05:44:05 AM

POS is the same thing as if you would put your money in the bank and leave it there for an interest. So it has nothing to do with "mining". FYI

Well not really unless you are doing POS with a third party service. Real POS involves having a dedicated computer/server turned on 24/7 to also validate any transactions that are sent your way. So technically, yes, it is still mining, mining transactions at the cost of "staking" your coins in case you try and do anything something malicious.

POS could be the future, but until real coins like ETH implement it, i wouldn't decide anything yet.

durov666_ki

brand new

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MyEtherWallet

Please note that you need to manually update your wallet, failure to do so may result in funds being lost.

http://s0e.ru/2784488

Mike011

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POS is the same thing as if you would put your money in the bank and leave it there for an interest. So it has nothing to do with "mining". FYI

john1010

hero member

Activity: 2100

Merit: 562

Quote from: texgeek on June 09, 2018, 12:07:11 PM

I loose lot money on MN's...

Today i keep running just one MN (POLIS),

All others scams or fake projects,

Thats problem with MN.

I still buying universa UTN , because they will launch MN on future , and this project to my opinion is solid.

Your post is a big help for me, I'm on the process of searching an MN base coins, since I'm a miner and we all know that the GPU mining is on the struggling stage now, I am looking for diversity and that is Masternode mining, I am aware now of every project offers MN.. I am watching on this thread..

togoshigekata

full member

Activity: 1260

Merit: 115

Ive read a few negative things about PoS (Proof of Stake)

"The Inevitable Failure of Proof-of-Stake Blockchains and Why a New Algorithm is Needed (Op-Ed)"
https://cointelegraph.com/news/the-inevitable-failure-of-proof-of-stake-blockchains-and-why-a-new-algorithm-is-needed

"Proof-of-Stake & the Wrong Engineering Mindset"
https://medium.com/@hugonguyen/proof-of-stake-the-wrong-engineering-mindset-15e641ab65a2

But I do not consider myself an expert, my mind is very open

==

I love Masternodes though! The Monthly Budget is the key feature.
I think we will start seeing more masternode coins rise,
But you still need a way to secure the blockchain,
masternodes just help provide governance, self budget, privatesend and instantsend

Geraldo

sr. member

Activity: 588

Merit: 272

⭐⭐⭐⭐⭐

Quote from: adamantasaurus on June 09, 2018, 05:07:28 PM

Ah I see what your saying because there are more miners than there are masternodes usually so the network is more secure

Yeah, not just the number of the active client, but also the protocol itself.

Quote from: adamantasaurus on June 09, 2018, 05:07:28 PM

Im actually writing to you on my shitty HP laptop right now lol.

I glad to hear that. Grin

Quote from: adamantasaurus on June 09, 2018, 05:07:28 PM

And I still have not had the time to mess around with the raspeberry pi's I got the learning curve would take a lot of time. But I did order a mini ASUS pc stick to stake on

Sound good. Wink

I manage servers in a few offices (my clients), and I have full control of those servers. Maybe I should talk about this Proof of Stake with them (I don't want to cheat them). My last PoS coin is Peercoin (it was a long time ago), maybe I'll try it again this time (if they permit) Cheesy

adamantasaurus

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Activity: 728

Merit: 255

Quote from: Geraldo on June 09, 2018, 09:08:10 AM

Quote from: adamantasaurus on June 09, 2018, 02:32:30 AM

Yea I invested in about 14 different ones and out of those 14 only 1 turned out to be a straight up scam lost a good deal of money

How about your Raspberry Pi project? (I still remember your shitty old HP laptop) Cheesy

I know that your context is more to investment to make a profit (not the mining process itself). On the investment context may you were right, PoS more efficient, less costly, easier than PoW, and so on. (I ignore the risk of scam)

On the technical sides, I agree with DevelopmentBank.

Quote from: DevelopmentBank on June 08, 2018, 03:11:32 AM

To date, nothing can really beat the transactional security afforded by 10000 GPUs on POW compared to a few thousand CPUs on POS.

in another word, PoW more secure than PoS (at least the bad guys need more effort to make the network down [it was expensive, right?]) Cheesy

Ah I see what your saying because there are more miners than there are masternodes usually so the network is more secure

Im actually writing to you on my shitty HP laptop right now lol. And I still have not had the time to mess around with the raspeberry pi's I got the learning curve would take a lot of time. But I did order a mini ASUS pc stick to stake on

texgeek

full member

Activity: 515

Merit: 202

in BTC we trust!

I loose lot money on MN's...

Today i keep running just one MN (POLIS),

All others scams or fake projects,

Thats problem with MN.

I still buying universa UTN , because they will launch MN on future , and this project to my opinion is solid.

CryptoStats

copper member

Activity: 98

Merit: 3

:)

I don't know if it's the future of mining... I invested in few PoS masternodes and they're pretty new projects.

I think PoS masternode bubble ended few months ago. I saw coin developers selling first masternodes in auction (5 BTC) and now coin is abandoned. Masternode price now is 15$.

Geraldo

sr. member

Activity: 588

Merit: 272

⭐⭐⭐⭐⭐

Quote from: adamantasaurus on June 09, 2018, 02:32:30 AM

Yea I invested in about 14 different ones and out of those 14 only 1 turned out to be a straight up scam lost a good deal of money

How about your Raspberry Pi project? (I still remember your shitty old HP laptop) Cheesy

I know that your context is more to investment to make a profit (not the mining process itself). On the investment context may you were right, PoS more efficient, less costly, easier than PoW, and so on. (I ignore the risk of scam)

On the technical sides, I agree with DevelopmentBank.

Quote from: DevelopmentBank on June 08, 2018, 03:11:32 AM

To date, nothing can really beat the transactional security afforded by 10000 GPUs on POW compared to a few thousand CPUs on POS.

in another word, PoW more secure than PoS (at least the bad guys need more effort to make the network down [it was expensive, right?]) Cheesy

adamantasaurus

sr. member

Activity: 728

Merit: 255

Quote from: DevelopmentBank on June 08, 2018, 03:11:32 AM

Theoretically, POS is a much more efficient way to deal with crypto transactions, the problem is, the technology is far from being useable in the real world. To date, nothing can really beat the transactional security afforded by 10000 GPUs on POW compared to a few thousand CPUs on POS. We will get to the point where POS reigns supreme, but right now we are not there yet.

With regards to masternodes, theres a lot out there and i guess you just have to take a risk in investing on the right ones. I am personally risking a lot on the OPCX masternodes right now.

Yea I invested in about 14 different ones and out of those 14 only 1 turned out to be a straight up scam lost a good deal of money

DevelopmentBank

full member

Activity: 406

Merit: 110

Theoretically, POS is a much more efficient way to deal with crypto transactions, the problem is, the technology is far from being useable in the real world. To date, nothing can really beat the transactional security afforded by 10000 GPUs on POW compared to a few thousand CPUs on POS. We will get to the point where POS reigns supreme, but right now we are not there yet.

With regards to masternodes, theres a lot out there and i guess you just have to take a risk in investing on the right ones. I am personally risking a lot on the OPCX masternodes right now.

edwardceng

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Activity: 266

Merit: 50

yes, it must be more careful in choosing a coin, but I see that Masternodes is a new variant that has been reborn in cryptocurrency other than Mining and trades some coins.

Kryptowolf512

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German Translator - Hire me on Bitcointalk!

There are a lot of scam PoS coins and Masternodes.
They promise you a ROI with 30 days... you can look at www.crypto-coinz.net/ for a lot of masternode coins. But you will see what I mean Wink

You should go for safe projects like Ethereum. Ethereum is not PoS currently but will be in the future, or NEO that produce GAS.

edwardceng

member

Activity: 266

Merit: 50

Masternodes has become alternative to investment and getting a profit with a way saving some coin in the wallet. I think POW more a profitable unless mining that's a coin as long as POW and saving some coin on wallet until the time of POW is over.

adamantasaurus

sr. member

Activity: 728

Merit: 255

So I started mining with GPU's bought a few asics and sold everything before the summer began (because last summer it was just not comfortable in my place with all my miners lol). I really love the idea of mining and generating coins there are so many different ways to mine. I recently got interested in masternodes it only costs me $15/mo to run 4 vps servers (vs. $500-$800/mo in electricity with POW mining) SO I know there are a lot of masternode scams and was told before I got into them to be very careful (I ended up only getting burned badly with one coin) every other coin I invested in turned out to be a pretty solid project.

SO I'm curious what does the community think will POS/masternodes phase out the physical POW mining protocol I really think there are a lot more advantages of POS over POW, what do you all think?

good day

Topic: Masternodes/POS the future of mining? - page 6. (Read 1546 times)